Malaysia’s SME GDP contribution to exceed 40%

SUBANG JAYA: The Malaysian Small and Medium Entreprises (SME) sector contribution to the country’s gross domestic product (GDP) is expected to exceed 40% and on track to achieve the target of 41% of the GDP.

Minister in the Prime Minister’s Department Datuk Seri Wee Ka Siong said the target set in the SME Masterplan 2012-2020 could be achieved if Malaysia were to maintain its SME development pace at 6.7%.

“In the recent period between 2011 and 2015, SME grew at average annual rate of 6.7%, outperforming the overall average growth of economy of 5.3%.

“Currently 97% of business establishments in Malaysia are SMEs, which contributed 37% to the country’s GDP, 65% to employment, and nearly 18% to exports, “ he told reporters after launching the SME building fundraising here today. - Bernama